Ramelius shares rise on $1.7b gold mine forecast
Make us a preferred source
Make us a preferred source on Google
More news: Ramelius Resources shares gained after the gold miner said it expects to take gold proceeds of $1.7 billion over the next 10 years from its Western Australia-based Mount Magnet site.
Ramelius shares were up 4.3% to $1.57 at 1:25pm AEDT.
Ramelius expects $1.7b in proceeds from Mt Magnet gold mine
The news: Gold miner Ramelius Resources said it expects $1.7 billion in cash flow over the next 10 years from gold production at its Mount Magnet site in Western Australia.
The numbers: Ramelius forecasts up to $100 million to be added to its third quarter earnings, bringing its cash and gold holding to more than $400 million by the end of FY24. Mt Magnet’s total gold production is expected to exceed 1.5 million ounces with an annual average of 150,000 ounces.
The context: Ramelius paused trading last Thursday after press speculation of a potential transaction valued between $700 million and $1 billion. On Friday the Perth-based miner confirmed it is in ongoing "exclusive discussions" with TSX-listed Canadian miner Karora over a "potential corporate transaction".
The source: ASX announcement
